Leveraged Loans

  • Levfin remains active as red days mount up

    Conditions are changing so fast with the coronavirus epidemic that each day could bring a change in sentiment, but for the time being leveraged finance is staying calm and continuing to function. There is more activity in this high risk corner of Europe’s capital markets than in any other, apart from sovereign, supranational and agency bonds.

  • High yield pros hold their nerve as indicators worsen

    High yield pros hold their nerve as indicators worsen

    High yield and leveraged loan spreads have widened in the last few days, as news of the coronavirus outbreak has worsened. But neither that, nor new figures from Moody's showing downgrades outnumbering upgrades, is putting off investors long used to hanging on through gritty conditions. Chemical producer Inovyn managed to complete a €1.064bn loan amend-and-extend on Tuesday.

  • Swissport shaves 25bp despite virus fears for air travel

    Swissport shaves 25bp despite virus fears for air travel

    Swissport, the airport services company owned by HNA Group of China, successfully shaved 25bp off the cost of its term loan B in its recent repricing, in spite of a backdrop of increased fears about the coronavirus and its impact on the aviation industry. However, the deal was less of a slam dunk than other recent refinancings.

  • Boels offers rare covenanted loan to fund Cramo takeover

    Boels offers rare covenanted loan to fund Cramo takeover

    Dutch equipment rental company Boels has launched a €1.61bn term loan B to finance the acquisition of Cramo, a Finnish rival. It is a rare chance for lenders to access a leveraged deal with maintenance covenants, a concession sponsors will no longer give but which some companies can still tolerate — though the huge headroom in this case means they are a minimal restriction.

  • Bankers fret over LBO pipeline as auctions dwindle

    Bankers fret over LBO pipeline as auctions dwindle

    After a furious start to the year, leveraged finance bankers are now worrying about what’s next for new money leveraged buyouts, with few corporate carve-outs on the horizon and a plethora of political pain points to keep sponsors on the sidelines. Owen Sanderson reports.

  • Micro Focus seeks to refi 2021 term loan

    Micro Focus seeks to refi 2021 term loan

    London-listed tech firm Micro Focus is refinancing and extending its term loan 'B' and revolver, with a $1.435bn-equivalent deal across dollars and euros. The company has had a grim year — reflected in the targeted loan margins — with a series of revenue warnings, a sliding share price and subsequent exit from the FTSE100, a failed sale of part of the business, and the departure of its long-serving executive chairman.

  • JP Morgan appoints new heads of IB, DCM, ECM, M&A

    JP Morgan appoints new heads of IB, DCM, ECM, M&A

    JP Morgan has promoted a whole new layer of leadership in its investment bank, reaching down to debt capital markets, equity capital markets and M&A. At the top of the tree, Carlos Hernandez has moved from being head of global investment banking to executive chair and has appointed new co-heads of global investment banking.

  • PVC maker Inovyn plans tweaks to TLB

    PVC maker Inovyn plans tweaks to TLB

    Inovyn, an Ineos entity, is marketing an increase, extension and alteration to €1.064bn of term loans, pushing out maturities from 2025 to 2027 and adding another €250m to its debt stack. But the Ba3/BB- rated borrower is not seeking any margin cut. The 200bp spread is already at the effective floor for European leveraged loans.

  • PFZW plans debt-funded swoop on DP World

    PFZW plans debt-funded swoop on DP World

    A Dubai World subsidiary has agreed to buy port operator DP World for $13.9bn. The lending desks at Citigroup and Deutsche Bank will be big winners from the debt-fuelled transaction.

  • People moves in brief

    People moves in brief

    HSBC hires Lahham for MENA corporate finance — Lisanti broadens markets role at Citi — Muscatt joins BMO

Leveraged loans news archive